Other than a small number of fiscal conservatives who are ignored by their own party, it doesn’t seem like anyone really cares about the National Debt any more. That’s a relatively new thing. Doing something about the Debt was one of the platforms of the GW Bush campaign in 2000. Of course, what he actually did to the Debt was the precisely the opposite of what he told us he was going to do. Then came Obama, whose economic policies – certainly with respect to anything that could affect the Debt – could best be described as a continuation of what GW started. Why anyone would look to a disaster as an example to follow, I cannot say, but people who become President tend to be unusual.
At present, it seems that we have entered a period of unholy alliance between most Democrats and most Republicans. The former want to spend taxpayer money on social programs, the latter want to cut taxes and to spend taxpayer money on things that aren’t social programs, and both groups essentially get what they want the most. At least for now. Which brings me to the point. I can’t tell you how all this ends, but I can tell you that the longer it goes on, the less well it ends.